FxWirePro: USDCAD recovers on weak Canadian retail sales, good to sell on rallies

Major resistance 1.31500

Major support - 1.3000

USDCAD has recovered more than 50 pips after weak Canadian retail sales. Canada May retail sales came at -0.1 compared to 0.3% estimate. The decline was mainly due to poor sales in food and beverages. The pair jumped till 1.31098 and is currently trading around 1.30850.

The crude oil prices have pared most of its gains made today morning and declined more than 80 cents The minor recovery came after the news that an American warship downed an Iranian drone near Strait of Hormuz yesterday. Any major bullishness only above $60.50.

Technically, on the flip side near term support is around 1.3000 and any violation below will drag the pair to the next level till 1.2965/1.2920 level.

The major trend reversal only above 1.3150 and any break above will take the pair to net level till 1.3230/1.32905.

It is good to sell on rallies around 1.3010 with SL around 1.3150 for the TP of 1.2965.